Commercial real estate is any property that is not residential and is used for profit. Restaurants, shops, offices, and warehouses are all examples. Whether you need an office or a warehouse, finding the right retail space is essential. The success of your business depends on the correct choice of commercial real estate.

How do I buy the space?

If you have enough capital to buy a place, that’s great! If you are just starting your business and cannot afford to buy space, you may need to rent or lease. This can be a bit trickier. Leases are complicated and it is advisable to have a lawyer review the contract before signing it. Many inexperienced tenants accept the landlord’s contract without making any changes, and this can be dangerous. You could end up agreeing to a contract that gives the building owner too much power over you and your business, or you could even overpay for inferior space. If you decide to buy, have the building inspected for structural problems so you don’t have to bear unexpected maintenance costs. You want to make sure you know what you’re getting into before signing.

When should I buy or lease?

If you have, or know you are going to have, products to store or employees who need a workspace, then it is time for you to find a place. You also want to make sure you can afford the property. The capital, of your business or investors, should be saved in advance for this purchase. You should also be sure that once you have the space, your business will be making enough money to keep renting. Time is very important.

Where should I buy / lease?

Location is key. If you are opening a store, restaurant or any establishment that needs human traffic to make money, you will want to be in a place where there is a lot of pedestrian activity. Downtown areas are good examples. You also need to do some research to make sure there is no other established business similar to yours nearby that is generating competition. Do some more research to make sure your business is in demand wherever you decide to open a store.

Being informed allows you to make better decisions in your real estate business transactions. Knowing what to do and what to expect is key to being successful in your business.